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Pro (for)
The Contender
Con (against)

Global capitalism faces crisis

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Voting Style: Open Point System: 7 Point
Started: 7/2/2017 Category: Economics
Updated: 2 years ago Status: Debating Period
Viewed: 896 times Debate No: 103085
Debate Rounds (5)
Comments (1)
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There are 5 rounds in this debate.

1st: Acceptance
2nd: Opening arguments
3rd: Rebuttal
4th: Additional arguments
5th: Closing statements/ final thoughts(no new arguments)

I look forward to having a good debate.


Americans, other citizens of the industrialized world, and many peoples in other parts of the international economy have entered what the financial expert and economic commentator, David D. Hale has called "the Second Great Age of Global Capitalism. The world economic and political system is experiencing its most profound transformation since emergence of the international economy in the seventeenth and eighteenth centuries. The end of the Cold War, the collapse of the Soviet Union, a stagnant yet enormously rich Japan, the reunification of Germany and its consequent return as the dominant power in Western Europe, and the rise of China and Pacific Asia are influencing almost every aspect of international affairs. Changes originating in earlier decades have also become more prominent; these developments include the technological revolution associated with the computer and the information economy and the redistribution of economic power from the industrialized West to the rapidly industrializing and crisis-riven economies of Pacific Asia. The worldwide shift to greater reliance on the market in the management of economic affairs, and what many call the "retreat of the state," are integrating national economies everywhere into a global economy of expanding trade and financial flows. However, it is the demographic revolution that will have the greatest long-term significance. The extraordinary population decline in the industrialized world and the explosive growth of population in China, India, other parts of Asia, and elsewhere in the developing world will continue to significantly alter the global distribution of economic and, of course, military power.

These developments are having important consequences for the lives of us all. There will be many winners as global capitalism refashions almost every aspect of domestic and international economic affairs. There will also be many losers, at least over the short term, as international competition intensifies and as businesses and workers lose the secure niches that they enjoyed in the past. Economic globalization presents both threats and challenges for the well-being of peoples everywhere. If individuals and societies are to adjust intelligently to the challenge of global capitalism, it is imperative that they understand the principal forces transforming international economic and political affairs.
Debate Round No. 1


Con,thank you for accepting the debate. This them is an important and urgent problem facing us these days.
I believe global capitalism is closely linked to the economic dimention of globalization. This situation dates back to the 1980s.
Manfred B. Steger argues that ``in the 1980s, British Prime Minister Margaret Thatcher and US President Ronald Reagan acted as the the co-leaders of the neoliberal revolution against Keynesianism. Soon thereafter, business elites in the US and Japan consciously linked the novel term `globalization` to a political agenda aiming at the `liberation` of state-regulated economies around the world. This budding neoliberal economic order received further legitimation with the 1989-91 collapse of communism in the Eastern Europe and the Soviet Union.``( Globalization, 2013. Oxford University Press, P.40-P.41.)
The important thing is that in the last two decade of the 20th century a new economic idea which promotes free flow of capital and finance on a global scale without the involvement of national governments of the world has emerged. This symbolizes the emergence of global capitalism.
These days the economic divide between the rich and the poor among the developed countries poses a serious problem.
What causes this situation? The main problem lies in the basic structure of modern global capitalism which seeks short-term profit by reducing cost, particularly, labor cost. The main actors are big multinational companies of the U.S., Japan and European countries. Managers of these companies have been transferring their production facilities to low-waged countries like China, India and other developing countries for many years.

This has caused loss of employment opportunities among employees of the developed countries so far. Their life has been seriously damaged. Managers and capitalists place the highest priority on realizing maximum profit on a global competitive world. They don`t pay much attention to the distribution of profit for employees. This causes the concentration of wealth among managers and capitalists of the big business of the West. As a result, distrust and anger toward them are erupting among the working people. In recent years, decent life of the middle-class in those countries are being destructed and eroded.

Reflecting these dire situation, movements of anti-big business and anti-global capitalism are taking place in many pats of the world. Taking this situation into consideration, we can say that global capitalism faces crisis.
The most important thing which we must recognize is that global capitalism destroys not only the foundation of democracy but the dignity of human beings. Behind this situation only the rich capitalists and the top executives of big business are getting the benefits brought by the global capitalism. Unfortunately, many people have lost their hope for their future. As a result, many societies and communities are cracking and fracturing.
In other words, we face social crisis imposed by global capitalism.
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Debate Round No. 2
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Debate Round No. 3
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Debate Round No. 4
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Debate Round No. 5
1 comment has been posted on this debate.
Posted by DrCereal 2 years ago
Nah dude.
We all know Capitalism is infallible and perfect.
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